Barnes & Noble Reports Declining Customer Traffic

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On March 19, 2009, Barnes & Noble(BKS Quote) reported that its Q4 FY08 net income plunged 29.5%, hurt by a decline in customer traffic, lower spending on books and music, and higher charges. Net income decreased to $81.15 million or $1.46 per share from $115.04 million or $1.79 per share a year ago. Excluding one-time items, the company earned $93.30 million or $1.67 per share, missing the most recent consensus estimate of $1.48 per share.

Revenue fell 6.2% to $1.63 billion from $1.74 billion a year ago, on the back of declining comparable store sales and reduced traffic at its stores. On a same-store basis, sales at stores declined 7.3% year-over-year. Furthermore, sales at Barnes & Noble stores slipped 4.8% compared to the same quarter last year, while Barnes & Noble.com sales dropped 10.4% to $157.00 million. ...